Blair William & Co. IL increased its position in shares of Westlake Chemical Partners LP (NYSE:WLKP) by 4.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,381 shares of the basic materials company’s stock after acquiring an additional 4,110 shares during the quarter. Blair William & Co. IL’s holdings in Westlake Chemical Partners were worth $2,499,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in WLKP. Bank of Montreal Can acquired a new position in Westlake Chemical Partners during the second quarter worth $1,225,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Westlake Chemical Partners during the second quarter worth $5,633,000. GSA Capital Partners LLP lifted its stake in Westlake Chemical Partners by 28.8% during the second quarter. GSA Capital Partners LLP now owns 33,404 shares of the basic materials company’s stock worth $818,000 after purchasing an additional 7,469 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Westlake Chemical Partners by 20.5% during the second quarter. Janus Henderson Group PLC now owns 1,568,360 shares of the basic materials company’s stock worth $38,425,000 after purchasing an additional 266,332 shares in the last quarter. Finally, HITE Hedge Asset Management LLC acquired a new position in Westlake Chemical Partners during the second quarter worth $534,000. 45.97% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on WLKP. Citigroup set a $27.00 price objective on Westlake Chemical Partners and gave the company a “buy” rating in a research note on Thursday, November 8th. Zacks Investment Research upgraded Westlake Chemical Partners from a “sell” rating to a “hold” rating in a research note on Saturday, November 17th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $26.60.
Shares of NYSE WLKP opened at $22.50 on Thursday. The firm has a market capitalization of $732.65 million, a PE ratio of 13.08, a P/E/G ratio of 5.07 and a beta of 1.04. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.87 and a current ratio of 3.94. Westlake Chemical Partners LP has a 12-month low of $21.75 and a 12-month high of $27.75.
Westlake Chemical Partners (NYSE:WLKP) last announced its quarterly earnings data on Tuesday, November 6th. The basic materials company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.03). The company had revenue of $363.70 million during the quarter, compared to analyst estimates of $309.70 million. Westlake Chemical Partners had a net margin of 4.21% and a return on equity of 5.45%. The firm’s revenue was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.47 earnings per share. As a group, analysts anticipate that Westlake Chemical Partners LP will post 1.62 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 26th. Stockholders of record on Friday, November 9th were paid a $0.4207 dividend. This is a boost from Westlake Chemical Partners’s previous quarterly dividend of $0.41. This represents a $1.68 annualized dividend and a dividend yield of 7.48%. The ex-dividend date of this dividend was Thursday, November 8th. Westlake Chemical Partners’s dividend payout ratio (DPR) is presently 97.67%.
In other Westlake Chemical Partners news, Director David Lumpkins bought 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 12th. The shares were purchased at an average price of $22.83 per share, with a total value of $91,320.00. Following the completion of the acquisition, the director now directly owns 18,259 shares of the company’s stock, valued at approximately $416,852.97. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Albert Chao bought 14,944 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The stock was acquired at an average cost of $23.26 per share, for a total transaction of $347,597.44. Following the acquisition, the chief executive officer now directly owns 73,597 shares of the company’s stock, valued at $1,711,866.22. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 55,935 shares of company stock worth $1,294,827.
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Westlake Chemical Partners Profile
Westlake Chemical Partners LP operates, acquires, and develops ethylene production facilities and related assets in the United States. The company operates ethylene production facilities, which primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on a spot or contract basis.
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